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Bitcoin bounces back after the recent sell-off

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Miguel A. Rodriguez
Miguel A. Rodriguez
26 červenec 2021
Tables turned for the most significant crypto in the world during the weekend

After dropping below $30,000 on July 19, dragging other digital coins lower, Bitcoin surged Sunday evening. The cryptocurrency topped $39,000 as investor sentiment turned bullish following the recent sell-off. It reached the highest level since June 16 - $39,544.29.

Bitcoin’s recent rally lifted other currencies, such as Ethereum, up 5.9% above $2,299.55. In the past 24 hours, the entire crypto market added more than $114 billion in value, according to Coinmarketcap.com.

The recent rally was set in motion by the statement made by Twitter CEO Jack Dorsey, Tesla CEO Elon Musk, and ARK Invest CEO Cathie Wood at “The B-Word” conference. From Musk’s point of view, Tesla would likely start accepting bitcoin for vehicle purchases again.

Moreover, the e-commerce giant Amazon is looking to add a digital currency and blockchain expert to its payment team.

Since the beginning of the year, Bitcoin has gained more than 31%, while Ethereum added 212.38%.

Sources: coinmarketcap.com, cnbc.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.